Three years into the current console generation and we're already buying or making plans for upgrades. Madness, right?

Microsoft released itsXbox One S,which brought some notable upgrades to the original model late last summer, while Sony shipped the powered-upPlayStation 4 Proin November. And Microsoft is already thinking further ahead, dating another, more powerful Xbox One revision calledProject Scorpiofor a Christmas debut.

The Xbox One S and PlayStation 4 Pro are effectively half-step measures that deliver more power and capabilities without abandoning the current hardware, while Scorpio seemingly represents a much larger step up... even if Microsoft says it's still an Xbox One at heart.

All of which is rather confusing if you're thinking of buying one, and especially so if you already own a standardXbox One or PlayStation 4.

So should you stick or twist? We've reviewed two of the three consoles (no Scorpio hands-on yet!) and had a close look at all of the details to bring you this sage advice. Don't start saving for a new console 'til you've read it.

So you already own a PS4

Congratulations! You chose the best-selling console of the current generation and our favourite of the bunch too, not to mention the one that has arguably the best exclusives.

However, with the new PlayStation 4 Pro now in stores, the standard model isn't the best of the best. If you're starting to feel the itch for more power and polish, here's how the upgrade situation looks on all fronts.

Should you upgrade to Xbox One S?

Doubtful. Assuming you're happy with your PlayStation 4, there's little reason to drop it now for the Xbox One S. Microsoft's revised box has a 40% smaller frame and packs in 4K Blu-ray and streaming support, as well as HDR lighting for games and media alike, which are great perks.

Now this one makes a load of sense, but only if you're the kind of player who needs to be on the absolute cutting-edge of tech. The upgraded Pro allows improved performance, including speedier frame-rates, sharper resolution, enhanced textures, and slightly more immersive PlayStation VR experiences.

Also, all the same PS4 games work on both consoles – so you don't have to ditch your current library, and the new games will simply run better on the next box.

Truth be told, the upgrade isn't dramatic... and if you don't have a 4K set, then it's even less noticeable. If you're not as concerned about the highest-end graphics or 4K streaming video, then you probably don't need the PS4 Pro anytime soon: your current console should still have years of fun left in it.

Should you upgrade to Project Scorpio?

It's too early to tell, but based on Microsoft's promises, Project Scorpio sounds like a major jump in tech, with fully native 4K gaming and PC-quality VR experiences within. If true, and it ends up being much more powerful than the PlayStation 4 Pro, then it'll be a whole new front for the console wars.

Project Scorpio is set to release around Christmas, so there's still plenty of time to enjoy your PS4 and then evaluate Microsoft's next console once it is fully revealed, come E3 in June. But the tech sounds exciting, at least.